Why in the News?
Recently, France, Britain, and Germany ( E3 ) announced that six new European nations have joined INSTEX. The new countries who joined the system, are: Belgium, Denmark, Finland, the Netherlands, Norway, and Sweden.
What is INSTEX?
- INSTEX is the bartering system developed by France, Britain, and Germany to allow firms to conduct business with Iran without violating U.S. sanctions.
INSTEX — or Instrument in Support of Trade Exchanges — is a special-purpose financial vehicle that allows Iran to continue to sell oil and in return import other products and services, using a barter system rather than the U.S. dollar. - INSTEX will be based in Paris and will be managed by German banking expert Per Fischer, a former manager at Commerzbank. The UK will head the supervisory board.
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